Monro Muffler Brake receives court approval to acquire ProCare
Monro Muffler Brake Inc. has received approval from the United States Bankruptcy Court to acquire substantially all of the assets of ProCare Automotive Service Solutions L.L.C.
The $14.6 million transaction is expected to close on April 29, 2006.
The company initially entered into an asset purchase agreement with ProCare on March 6, 2006, subject to an auction process and Bankruptcy Court approval.
"We are pleased that the Bankruptcy Court approved our acquisition of ProCare and look forward to integrating the 75 acquired locations and store employees into our existing store base in Ohio and Pennsylvania," says Robert G. Gross, CEO and president. "Within the next week, we will have installed our point-of-sale system in all stores, trained store employees, delivered an initial inventory to each store and removed slower moving items.
"The addition of ProCare will effectively fill in key geographic locations and increase our overall market share," he says. "Following our typical acquisition strategy, we plan to utilize our buying power, market position, and marketing and operational expertise to enhance the stores' existing strengths and help to drive sales growth and margin expansion at these new locations."
The company currently operates 625 stores and has 16 dealer locations.